Lachlan Murdoch will serve as chairman and CEO of New Fox, the new company to be formed after 21st Century Fox sells much of its TV and entertainment holdings to the Walt Disney Co. According to CNBC, Comcast was willing to offer $60B in cash to 21st Century Fox in hopes of acquiring the company and most of its media assets.
The executive will assume both the CEO and chairman jobs at the company, which is being referred to as New Fox.
"The opportunity to reshape a business strategy and an operational approach uniquely tailored to the new Fox is truly compelling", said Nallen.
Fox is preparing for a future without its film and TV studios, as well as cable channels such as FX and National Geographic.
The deal with Disney is still a long way from being completed. Time Warner, CNN's parent company, also owns a 10% stake.
The next phase is expected to take place in the summer when shareholders will be asked for their approval of the sell-off. Sources told CNNMoney last week that Comcast is in talks to make its own, higher bid for the business that Disney wants to buy.
Its brands will include Fox News, Fox Business and Fox Sports. Rupert Murdoch will be co-chairman of New Fox.
After Lachlan Murdoch essentially left the family media empire in 2005, the answer appeared to be James. "I look forward to joining Lachlan as we begin to establish new Fox".
In recent months, James has distanced himself from the politics espoused by his father and the company's flagship channel, Fox News. This was notable because his father speaks with Trump often.
This means Lachlan's brother James Murdoch, chief executive of 21st Century Fox, will not take on a new role.
The Wall Street Journal, owned by the Murdoch publishing company News Corp, has reported that he intends to set up a venture capital fund to invest in media and technology start-ups.